This invention relates to a drill with indexable cutting inserts for forming a hole in a workpiece made of metal or the like. More particularly, the invention relates to a drill of the same general type as disclosed in Rishel U.S. Pat. No. 3,540,323 in which an outer cutting insert is positioned to remove material from the peripheral surface of the hole toward the center of the hole while an inner insert is positioned to remove material from the center of the hole toward the peripheral surface thereof.